My pop was a Buffalo city bus driver for 25 years. Just like millions of Americans – firefighters, nurses, teachers, and other public employees - Pop worked hard and counted on having his pension to help retire with confidence and dignity. The long-term sustainability of today’s public pension programs is just as critical to millions of Americans.
John Cherry had no job, no money, no home. What he did have were debilitating health problems and drug and alcohol addictions. “I hit rock bottom,” says the 60-year-old Washington, D.C., resident.
My pop, a city bus driver, taught me to work hard and also have fun doing it. For more than 25 years, he announced each stop on his route as if he was leading a tour, not driving a Buffalo city bus. Pop retired at the mandatory age of 70. Mom and Pop lived on their Social Security, and Pop’s modest pension income was almost entirely dedicated to pay their health insurance premium. They enjoyed their retirement years, but I know life would have been so different if Pop’s pension had been cut.
You've undoubtedly heard the advice again and again: If you are close to retirement age, you should max out your contributions to employer-sponsored retirement plans.
The federal agency that insures private pensions is proposing a rule change that would add greater protection for workers who roll 401(k) money into a traditional pension.
The Takeaway: New Retirement Savings Route; Discussing Weight With Kids; Ethics of Alzheimer's and Divorce
The National Conference on Public Employee Retirement Systems this week proposed letting companies that lack their own employee pension plans buy into public retirement funds via the Secure Choice Pension ... A new survey conducted by WebMD and the nonprofit Sanford Health found parents would rather discuss the birds and the bees with their kids than weight ... And broadcaster Pat Robertson tells viewers it's okay to divorce a spouse with Alzheimer's disease.
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